Consumer Financial Protection Bureau drops lawsuit alleging Capital One misled customers about savings account interest rates
Highlights
- The CFPB has dismissed its lawsuit against Capital One regarding savings account interest rates.
- The lawsuit alleged that Capital One misled customers by maintaining low rates on older accounts while offering higher rates on new accounts.
- The dismissal follows the Trump administration’s decision to streamline the CFPB’s operations.
Summary
The Consumer Financial Protection Bureau (CFPB) has dismissed its lawsuit against Capital One, which accused the bank of misleading customers about savings account interest rates. The lawsuit, initially filed in January 2025, claimed that Capital One kept interest rates low on its 360 Savings accounts while failing to inform customers about the higher-yielding 360 Performance Savings account.
The CFPB’s decision to drop the lawsuit comes as part of the Trump administration’s efforts to streamline the agency’s operations. Capital One welcomed the dismissal, stating that they had strongly disputed the allegations. The CFPB also dropped lawsuits against other financial institutions, including Rocket Homes and Vanderbilt Mortgage and Finance.
